Bird Board backs new scooter boss • TechCrunch

Micromobility company Bird is promoting its chairman, Shane Torchiana, to CEO status in a “long-planned” shakeup that sees founding chief executive Travis VanderZanden stripped even further of his power.

Bird’s board also announced two other appointments: Former Archer Aviation CFO Ben Lu joined Bird’s new CFO, taking over from Yibo Ling, and CFO of Bird, Lance Bradley, has been promoted to chief technology officer – a role that was previously held by chief product officer Justin Balthrop. Amid the shakeup, VanderZanden will remain Chairman of Bird’s Board of Directors.

Less than three months ago, VanderZanden served as both chairman and CEO of Bird, but the start-up’s longtime executive resigned as chairman in June, after Bird was hit, a warning from delisting from the New York Stock Exchange was issued. When Bird went public by merging with a SPAC last year, the company began trading at $8.40 per share, but a lot has changed since then. The scooter rental company closed regular trading today at a paltry $0.40 per share with a market capitalization of around $100 million. To put his current cap in perspective: Bird has raised $1.14 billion to date, according to Pitchbook.

Bird has been struggling lately. The company burned $310 million in the second quarter of 2022, but it also saw its quarterly revenue rebound to $76.7 million – a notable increase (28%) from the same quarter of the year. last year.

Bird framed the restructuring of management as part of its journey to profitability. “The organizational changes announced today reaffirm our commitment to positioning Bird for long-term profitable growth,” said VanderZanden, who called the reorganization a “long-planned transition.”

Under new leadership, the company will continue to prioritize cost optimization, without losing sight of our long-term commitment to making cities more livable and sustainable,” he added.

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